E4L Inc., Los Angeles, has merged with BuyItNow.com an online retailer, and pcWonders.com. an online seller of computer equipment and electronics.
e4L is the largest stockholder of BuyItNow; pcWonders is a wholly-owned subsidiary of eWonders.com. The new entity will retain the name BuyItNow.
The merger was structured as a stock-for-stock transaction. pcWonders received a one-third equity position in exchange for its assets valued at approximately $100 million. BuyItNow.com received a two-thirds equity position in exchange for its assets valued at approximately $250 million resulting in a post-transaction assumed valuation of approximately $350 million.
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